Ann: Third Supplementary Target's Statement, page-9

Apologies - incorrect statement

BZ have drawn down $13.7M to date, $12M of which has been drawn down in 2024 - so quite a ramp up in costs.

BZ have drawn down $13.7M to date, $12M of which has been drawn down since end of June 2023.

BZ burning just over $1.5M per month. I would guess that will be ramping up as they spread drilling across multiple sites. So to raise $40M in the short term doesn't seem excessive, $2M per month for the next year plus $16M loan to payback.

There will come a point, not too far away hopefully, when BZ will need to raise AUD$150M to start mining and processing all that gold.

For a close to AUD200M fundraising in the next few years - those remaining 20% of BZ shareholders will be asked to stump up $40M or see their holdings diluted.

That's just business.